2018-09-17

○ Trump’s gilded swamp 41○ We hardly knew ya, Ma 18○ Where’s Larry Page? 46September 17, 2018A Very Long BullTen years after Lehman, equities charge onward. When will it end? 29Insurance sold and serviced by Paychex Insurance Agency, Inc., 150 Sawgrass Drive, Rochester, NY 14620. CA License 0C28207At Paychex, we’re cutting through the clutter to make payroll, benefits, HR, and insurance simple. Visit paychex.com/simple to learn more.Paychex Makes it SimpleYour investments deserve the full story.Numbers tell only half the story.Strategic Investing takes us beyond the numbers. That’s why over 350 of our experts go out in the fi eld to examine investment opportunities fi rsthand; like mobile payment adoption in new markets around the world. Our rigorous approach helps us select and manage investments for our funds.Put our strategic investing approach to work for you today. troweprice.com/fullstory | 1-877-872-5475Consider the investment objectives, risks, and charges and expenses carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, call 1-877-804-2315. Read it carefully. All funds are subject to market risk, including possible loss of principal. T. Rowe Price Investments Services, Inc., Distributor. 3 September 17, 2018PHOTOGRAPH BY NADIA SHIRA COHEN FOR BLOOMBERG BUSINESSWEEKFEATURES46Mr.PageDoesNotGotoWashingtonSomeone from Google should be in the hot seat. But don’t ask the co-founder50TheTreadmillWarsPeloton and its rivals want to make running in place…well, tolerable at least54MediterraneanMischief Malta is all in on crypto trading and online gambling. Europe is furious⊳ A man fishes in the harbor at Ta’ Xbiex, Malta4□ CONTENTS Bloomberg Businessweek September 17, 2018How to Contact Bloomberg Businessweek Editorial212 617-8120Ad Sales212 617-2900731 Lexington Ave.,New York, NY 10022Emailbwreader @bloomberg.netFax212 617-9065Subscription CustomerService URLbusinessweekmag .com/serviceReprints/Permissions800 290-5460 x100or emailbusinessweekreprints@theygsgroup.comLetters to the Editor can be sent by email, fax, or regular mail. They should include the sender’s address, phone number(s), and email address if available. Connections with the subject of the letter should be disclosed. We reserve the right to edit for sense, style, and space.Follow us on social mediaFacebook facebook.com/ bloomberg businessweek/Twitter @BWInstagram @bloomberg businessweekCover: Photo Illustration by 731.Photos: Getty Images (1); Shutterstock (2)DENNIS M. RIVERA PICHARDO/BLOOMBERG□ IN BRIEF7California goes greener; Zimbabwe’s cholera emergency□ AGENDA8The Koreas meet again; Japan votes; Kavanaugh’s fate□ BLOOMBERG VIEW8An anti-immigrant party surges in Sweden □ REMARKS 12 The next financial crisis may be even harder to handle1BUSINESS 16Yes, Elon needs help. And so does his board 18Alibaba after Jack Ma 19 Happiest to see Les Moonves leave? Shari Redstone2TECHNOLOGY 23Airbnb can’t go to Nasdaq if